Report says Iowa’s personal income up over six percent

The Federal Bureau of Economic Analysis says Iowa’s personal income based on population grew at a faster pace than the U.S. overall total in 2007. Kathy Albetski is the chief of the bureau’s region that covers Iowa.

Albetski says Iowa’s total person income grew 6.6%, compared to the U.S. growth of 6.2%. The Bureau says Iowa’s personal income increased from $33,038 to $35,023 in 2007. Albetski says Iowa’s growth in personal income ranked 18th when compared to other states.

Albetski says that growth is "more or less towards the middle" when compared to the rest of the county, with Louisiana growing the quickest due to housing subsidies, and Utah and Wyoming rounding out the top three states in terms of growth. Albetski says there are several factors involved in calculating the figures.

She says personal income includes wages and salaries, employer contributions to health and pension funds, dividends, interest and rent, and what’re called transfer receipts — things such as Social Security, Medicare, Medicaid, unemployment and food stamp payments. Albetski says Iowa saw growth in several areas.

Albetski says there were increases in farm, finance and insurance, durable and nondurable goods manufacturing, professional and technical services, health care, social assistance, and state and local government. Iowa was the only Midwest state in the top ten for increases in per capita income. The top and bottom states for personal income stayed the same from 2006 to 2007.

Connecticut led the nation with a per capita income of $54,117 or 40% above the national average. Mississippi had the lowest per capita income of all states at $28,845 dollars, which is 25% below the national average.